Ex-Im Bank OKs Debt Financing for Wind Turbines

Clipper Windpower Plc recently announced that the first Clipper Liberty wind turbines to be installed internationally have been backed by an $80.66 million project financing loan by the Export-Import Bank of the United States.

The transaction also marks Ex-Im Bank’s first project financing for wind power. The project owner is Electrica del Valle de Mexico, a subsidiary of EDF Energies Nouvelles.

The financing provides funding for 67.5 MW of Clipper Liberty 2.5 MW wind turbines. Once installed at the project site in La Ventosa, within the Istmo region in the state of Oaxaca, Mexico, the 27 wind turbines will supply clean, renewable power to establishments owned by subsidiaries of Wal-Mart de Mexico, S.A.B. de C.V.

“We are delighted to see the Liberty turbine being recognized by a growing number of financial institutions,” said Doug Pertz, president and chief executive officer of Clipper. “We view this financing as a very positive indication of the growing acceptance in the reliability and performance of the Liberty wind turbine. It is also exciting to see the Liberty turbine taking the lead in an important emerging market.”

Financing for additional Clipper Liberty projects were attained earlier this year, including financing for the Milford wind energy project in Utah, as well as three projects which total 202 MW of which Clipper turbines comprise 145 MW. Clipper’s 2.5 MW Liberty is the largest wind turbine built in the United States, and has over 50 percent U.S. content. The wind turbines were built at Clipper's 330,000 square foot manufacturing facility located in Cedar Rapids, Iowa.

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